<div class=newsTextDataWrapInner>SINGAPORE (March 9):&nbsp;In FY21, Prudential&nbsp;reported a net profit of US$2.2 billion, down 10%, excluding the impact of the demerger of Jackson Financial.</div>

<div class=newsTextDataWrapInner>Including the demerger of Jackson Financial, which was completed in Sept 2021, Prudential reported a net loss of US$2.8 billion.</div>

<div class=newsTextDataWrapInner>Prudential’s bottomline loss belies an improvement in its<a href="https://www.theedgesingapore.com/capital/finance/prudential-announces-8-rise-ape-sales-and-13-rise-new-business-profit-fy2021" target="_blank">...(click on link for full story on theedgesingapore.com)</a></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>&nbsp;</div>

SINGAPORE (March 9): In FY21, Prudential reported a net profit of US$2.2 billion, down 10%, excluding the impact of the demerger of Jackson Financial.

Including the demerger of Jackson Financial, which was completed in Sept 2021, Prudential reported a net loss of US$2.8 billio...

Prudential announces 8% rise in APE sales and 13% rise in new business profit in FY21

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.

Gamuda, Winstar Capital, MClean, DRB-Hicom, Sapura Industrial, NTPM, Crest, M&G, George Kent, Infomina, Perdana Petroleum, Advancecon

Chancellor Olaf Scholz asked Germany's parliament on Monday to declare it has no confidence in him, taking the first formal step towards securing an early national election following his government's collapse.

Scholz's three-party coalition fell apart last month after the pro-market Free Democrats quit in a row over debt, leaving his Social Democrats and the Greens without a parliamentary majority just when Germany faces a deepening economic crisis.

German Chancellor Scholz asks parliament to clear way for snap election

The ringgit has strengthened by 2.8% against the US dollar as of Nov 22, 2024, according to the Ministry of Finance (MOF).

Ringgit strengthened 2.8% against US dollar as of Nov 2024 — MOF

America’s surprisingly robust economy has raised expectations that US interest rates will stay high compared to Europe next year.

The US-euro rate gap that triggered Trump’s Fed bashing is set to widen again

The US Energy Department on Monday said it has finalised a US$9.63 billion (RM42.8 billion) loan to a joint venture of Ford Motor and South Korean battery maker SK On to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.

US finalises US$9.63b loan for Ford, SK On joint battery venture

The S&P 500 and the Nasdaq climbed while the Dow was flat on Monday, as investors looked ahead to an anticipated Federal Reserve interest rate cut later in the week, as well as several key data releases that will help set the tone for policy next year.

S&P 500, Nasdaq rise on optimism ahead of rate cut, economic data

The implementation of the 15% global minimum tax (GMT) starting next year is expected to have a positive impact on the country’s financial position, according to the Ministry of Finance (MOF).

MOF sees global minimum tax boosting Malaysia’s financial position 

Canada's Finance Minister Chrystia Freeland unexpectedly resigned on Monday over a policy clash with Prime Minister Justin Trudeau, dismissing his plans for increased spending as "political gimmicks".

Canada's finance minister quits, attacks PM Trudeau's 'political gimmicks'

EVENING 5: Gamuda bags RM1.8bil job for Australian solar farm

Bank Negara Malaysia (BNM) is proposing the elimination of the Rule of 78 method for calculating interest on personal financing and expanding the maximum 10-year tenure cap to home financing products, in an effort to promote healthy lending practices.

BNM proposes axing flat-rate personal financing, expanding 10-year tenure to home financing products

KUALA LUMPUR (Dec 16): Shares in Supermax Holdings Bhd (KL:SUPERMX) rose to their highest in nearly three years in active trade on&nbsp;Monday morning, amid US’ efforts to boost nitrile-glove production there.

Supermax climbs to three-year high on active trade 

TRX City Sdn Bhd, master developer of the 70-acre Tun Razak Exchange (TRX), is going to build another office tower, which is expected to have a net lettable area (NLA) of 800,000 sq ft. The new building will be on Lot C7-10, which is adjacent to HSBC Malaysia’s headquarters, Menara IQ.

...

TRX City to build another office block, secures PwC as anchor tenant

Malaysian autos firm Proton launched its first electric vehicle on Monday, the latest entry into the local market as the country seeks to boost EV and hybrid EV use and gain a foothold in the global supply chain.

Proton launches its first electric vehicle

DRB-Hicom Bhd (KL:DRBHCOM) said has inked memoranda of understanding (MOU) with two government bodies, namely with Malaysian Investment Development Authority (Mida) and Malaysia Automotive, Robotics and IoT Institute (MARii) to promote the enhancement and transformation of Malaysia’s automotive industry in the Automotive Hi-Tech Valley (AHTV) project in Tanjung Malim, Perak.

DRB-Hicom, Geely ink MOUs with Mida, MARii to spearhead next-gen vehicle production in Tanjung Malim

Gamuda Bhd's (KL:Gamuda) Australian subsidiary DT Infrastructure Pty Ltd has secured a A$625 million (RM1.8 billion) engineering, procurement and construction (EPC) job for the Goulburn River Solar Farm project.

Gamuda's Australian unit bags RM1.8 bil EPC job for Goulburn River Solar Farm

THE Home Ministry is believed to have awarded Datasonic Group Bhd (KL:DSONIC) a new five-year contract for the supply of Malaysian passports. This is the first contract renewal since November 2021, when the original contracts expired.

According to sources privy to the deve­lopment, the ...

Datasonic finally secures new contract for Malaysian passports, say sources

Indonesia’s largest party has officially expelled former president Joko Widodo after he spurned the party’s own candidate in February elections and backed Prabowo Subianto’s successful campaign to become leader of Southeast Asia’s biggest economy.

Indonesia’s largest party expels Jokowi after he backed Prabowo

Ningbo Deye Technology Co, a Chinese inverter producer, plans to invest up to US$150 million (RM667.5 million) in building a solar equipment manufacturing base in Malaysia.

Chinese inverter maker plans US$150m solar base in Malaysia

KUALA LUMPUR (Dec 16): The High Court here has ordered former prime minister Tan Sri Muhyiddin Yassin to pay RM400,000 to DAP chairman Lim Guan Eng by year’s end, and the remaining RM1 million by Jan 27 next year.&nbsp;

High Court orders Muhyiddin to pay RM400k to Guan Eng by year’s end, and balance RM1m by Jan 27

KUALA LUMPUR (Dec 16): Yinson Holdings Bhd (KL:YINSON), whose share price dropped nine sen in the morning session on Monday, is expected to see strong earnings ahead, as it gears up to deliver multiple major floating production storage and offloading (FPSO) units, with new opportunities on the horizon, said analysts.&nbsp;

Yinson poised for strong earnings growth amid major FPSO deliveries, say analysts

KUALA LUMPUR (Dec 16): Pengerang Energy Complex Sdn Bhd (PEC)&nbsp;has negotiated financing terms for US$3.5 billion (RM15.58 billion) in project financing from&nbsp;export credit agencies (ECAs) across North America, western and southern Europe, as well as Asia; and Islamic financing from Islamic Development Bank entities.

Pengerang Energy Complex secures US$3.5b project financing from global export credit agencies

Lotte Chemical Titan Holding Bhd (KL:­LCTITAN) just can’t seem to catch a break.

Last Friday, the loss-making olefin and polyolefin producer announced that it would temporarily shut down one of its plants at the Pasir Gudang Complex in Johor, from Dec 15, to mitigate losses stemming fro...

Frankly Speaking: The hits just keep coming for Lotte Chemical Titan

Offshore marine service provider Perdana Petroleum Bhd (KL:PERDANA) has secured a charter contract for an anchor handling tug and supply (AHTS) vessel from IPC Malaysia BV.

Perdana Petroleum secures anchor handling tug and supply vessel charter contract

KUALA LUMPUR (Dec 16): Proton's first electric vehicle (EV), the e.MAS 7, will be the official car for Malaysia's Asean Chairmanship in 2025, Prime Minister Datuk Seri Anwar Ibrahim unveiled on Monday.

He said Malaysia hopes to set an example in this region in promoting the development ...

e.MAS 7 to be Asean 2025 official car — Anwar

Advancecon Holdings Bhd (KL:ADVCON) has bagged a main infrastructure work contract worth RM44.6 million by Sime Darby Property Bhd (KL:SIMEPROP) for the development at Elmina West.

Advancecon clinches RM45 mil infra works job from Sime Darby Property 

The Malaysian Iron and Steel Industry Federation (Misif) has called for the Independent Steel Committee (ISC) to release the findings of its study conducted, including recommendations and proposals, to the public.

Misif urges the release of Independent Steel Committee’s study  

Bank Negara Malaysia (BNM) is proposing the elimination of the Rule of 78 method for calculating interest on personal financing and expanding the maximum 10-year tenure cap to home financing products, in an effort to promote healthy lending practices.

Asian markets wavered on Monday, with the Malaysian ringgit and Indonesian rupiah dipping slightly and stocks trading lower as investors await rate decisions this week from local central banks and the US Federal Reserve.

Indonesian rupiah, Malaysian ringgit extend losses; markets eye rate calls

The Cabinet paper outlining the direction of the Multi-Lane Free Flow (MLFF) system will be presented in January 2025, Deputy Minister of Works Datuk Seri Ahmad Maslan said.

He said the Works Ministry had issued letters to the highway concession companies involved in the MLFF project, informing them that negotiations would no longer proceed.

Multi-Lane Free Flow direction paper to be presented to Cabinet in Jan 2025 — Ahmad

The National Higher Education Fund Corp (PTPTN) expects dividends for its Simpan SSPN savings plan to increase in 2024, buoyed by improved investment performance and strategic fund management.